Woodland Biofuels Plans Biofuel Facility in Louisiana

renewable energy

Woodland Biofuels, Inc., a Toronto startup, has announced plans for a new facility in Louisiana that will burn wood and garbage to produce a renewable biofuel.

The company anticipates a $1.35 billion investment at the Port of South Louisiana in St. John the Baptist Parish. The end goal is one of the world’s largest biofuel production facilities which will burn waste biomass to produce natural gas and hydrogen.

If the project moves forward as outlined in a Louisiana Economic Development (LED) news release, the company expects to create 110 direct new jobs with an average annual salary of more than $90,000. 

According to LED’s news release, Woodland Biofuels plans to capture the carbon dioxide and sequester it underground at a storage site to be determined at a later date. 

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

FlyGuys: Elevating Reality Data Capture with $10M Funding Boost

software

FlyGuys, a reality data capture company, is making waves with a successful $10 million Series A funding round. This infusion of capital is a testament to FlyGuys’ commitment to revolutionizing reality data capture and fostering job creation. The round was led by Mitchell Capital and Advantage Capital.

The Series A funding represents a pivotal moment for the company, providing the resources needed to advance its cutting-edge technologies and push the boundaries of what’s possible in reality data capture. The funding will be directed towards creating a scalable software solutions platform and strengthening the company’s nationwide influence

Reality data capture is a crucial aspect of various industries, from construction and real estate to environmental monitoring. FlyGuys’ innovative approach aims to transform this landscape, making data capture more efficient, accurate, and accessible. 

The commitment to research and development not only elevates FlyGuys’ technological capabilities but also underscores its role in shaping a future where reality data capture is more accessible, efficient, and impactful across diverse sectors.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Ucore Invests $75 Million to Establish Rare Earth Metals Manufacturing Facility in Alexandria

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Ucore North America, a subsidiary of Ucore Rare Metals Inc., has recently announced its investment of $75 million to build North America’s first modern technology rare earth element separation and purification facility in Rapides Parish. The facility, called the Louisiana Strategic Metals Complex, is set to create a U.S.-based supply chain of rare earth oxides that are required to manufacture electric vehicle motors, wind turbine generators, smart phones, and power tools.

The establishment of this facility represents an important step towards establishing the critical metals supply chain necessary for the changing manufacturing landscape across North America. By producing materials for industrial rare earth permanent magnets used in electric vehicles and wind turbines, Ucore is contributing to the shift towards energy production and consumption diversification.

The Louisiana facility will create 100 new direct jobs with an average annual salary of more than $50,000. Louisiana Economic Development estimates the project will result in 298 additional new indirect jobs, for a total of 398 new jobs in the Central Region.

The facility will provide the space and means necessary to implement Ucore’s proprietary critical metals separation technology, converting thousands of metric tons of high-purity earth feedstocks into usable materials.

The establishment of the Louisiana Strategic Metals Complex is a major manufacturing project that illustrates how the shift towards cleaner energy is creating jobs and increasing investment across the state. The products manufactured at Ucore will reinforce Louisiana’s importance to the global supply chain, and the company’s decision to locate its Strategic Metals Complex in Alexandria is an important strategic and economic development victory for Louisiana and the region.

The investment is part of Ucore’s vision and plan to become a leading advanced technology company, providing best-in-class metal separation products and services to the nascent North American rare earth element supply chain. This plan includes the near-term development of a heavy and light rare-earth processing facility in Louisiana, with subsequent facilities in Canada, Alaska, and the longer-term development of Ucore’s heavy-rare-earth-element mineral-resource property at Bokan Mountain on Prince of Wales Island, Alaska.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Skymount Medical to Receive Silver Stevie Award from the Annual American Business Awards

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Skymount Medical has been awarded a Silver Stevie ® Award in the Artificial Intelligence / Machine Learning Solution category of the 20th annual American Business Awards. This award is based on the company’s work developing its DeepDrug™ AI platform. 

The company utilized an AI platform developed by Louisiana State University (LSU) researchers to repurpose and build new drugs for innovative new therapies. Their DeepDrug™ AI platform is designed to accelerate drug discovery and development for the entire industry. 

Alongside this platform, the company is working on developing combination therapies to fight COVID-19 and all coronavirus strains. Their focus extends to other infectious diseases as well as new antibiotics that target antibiotic-resistant bacteria and rare diseases.

The American Business Awards is the premier business awards program in the United States. All organizations operating in the U.S. are eligible to submit nominations, whether they are public or private, for-profit or non-profit, large or small.

“We are honored and gratified to be among the elite group of companies recognized for their achievements,” said Zubin Kothawala, chief executive officer of Skymount Medical. “It is especially meaningful that the judges’ comments included words like ‘revolutionary’ and ‘sophisticated’ when describing our computer-aided drug design software that uses key components to deliver an efficient, state-of-the-art compound generation that significantly shortens the timelines and reduces the cost for new drug development. Receiving this prestigious award validates our commitment to the important work of advancing the development of improved medicines using DeepDrug™ and providing greater access to cutting-edge therapeutics.”

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Tigeraire Receives Funding from General Catalyst

textiles

Tigeraire, Inc. is the first company in Louisiana to attract seed funding from a global top 50 venture capital firm – ever. This tech startup at the LSU Innovation Park has announced they have signed General Catalyst as their lead investor. General Catalyst is a Silicon Valley venture capital firm known for their investments in popular  businesses including Venmo, Stripe, Airbnb, and TikTok. 

Tigeraire got their start when Jack Karavich moved to Louisiana and began helping the LSU football team. He discovered the limitations of a football helmet in the blistering heat of summer – overheating and breathing difficulties. So he developed a prototype that enhanced airflow in the helmet. The design for this first model – the Cyclone – used dual blowers designed to fit between the padding inside a football helmet, providing cooler air and more comfort to the player. Their portfolio of products is set to grow over the next year into other sports as well as industrial hard hats and ballistic helmets.

One of the main goals of Tigeraire’s helmet technologies is to help battle extreme heat and humidity—a hallmark of south Louisiana. By improving airflow, “cooler heads can prevail,” the company argues, including through increased sweat evaporation and decreased visor fog.

Are you developing new products for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Amazon BMI Scanner Proves Accurate

North Carolina Patent of the Month - June 2021

Amazon has developed a body fat percentage scanner that works using your phone camera. Studies have recently come out showing that it is actually more accurate than the traditional measurement techniques. 

This scan product is a part of Amazon’s Halo Body Feature, wherein the user takes four photos of their bodies. These are merged into a single 3D image and an algorithm uses this to calculate the user’s body fat percentage. 

The study used data collected at two sites: Massachusetts General Hospital and Pennington Biomedical Research Center at Louisiana State University. It had 134 participants of varying body types and included 82 women and 52 men. Of the group, 81 were Caucasian, 32 were Black, nine were Asian, four were Hispanic, one was American Indian, and seven were multiracial. It’s a small number of people, but that’s typical with this type of research, which has to run people through expensive and unwieldy tests, Thomas says.

Each person in the study had their body fat percentage calculated through an X-ray technique that shows fat distribution through the body called dual-energy X-ray absorptiometry (DXA), which is the gold standard. The results from those scans were compared to the Amazon system, five scales that calculate body fat (two professional and three consumer), and something called air displacement plethysmography — which uses a pod-shaped device that measures how someone’s body displaces the air.

The study found that the body fat percentages calculated by Amazon Halo Body were closest to those calculated by DXA. It performed better than the air displacement plethysmography device, which is often used to calculate body fat by people studying weight and body composition, but is cumbersome and tricky to conduct correctly. The pods are expensive, have to be housed in a lab, and require people to wear swim caps and tight-fighting clothing.

While more validation studies are needed, developments like this can really restructure sectors of research. If accurate BMI is more readily available then body composition research faces one less limitation.

Are you developing new software for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

The Louisiana Startup Expanding From Laundry to Prescription Delivery

NBA Uses Artificial Intelligence Developed by WSC Sports for Highlight Clips

The company behind an on-demand laundry service is moving into the medical sphere; Lafayette-based hampr has received an investment from the Healthcare Innovation Fund II to launch its prescription delivery service. The company’s healthcare division, Presto Health, is a delivery platform built for a variety of healthcare scenarios, starting with prescription delivery from the new Lafayette General Medical Center retail pharmacy. Patients in the service area can have their medication delivered the same day following discharge from the hospital, a telemedicine visit, primary care visit, visit to the ER, urgent care or a clinic.

hampr laundry launched at the start of 2020. Users can schedule wash-and-fold services via the mobile app, with membership or single service options. And, while laundry and prescriptions seem like two different worlds, it’s the company’s platform that allows it to move into the healthcare sector. Company founder Laurel Hess told Market Screener, “We built an asset-light, ultra-scalable platform with profitable margins – something unheard of in this space. When we were approached by Lafayette General Health to deliver prescriptions, we realized that what we actually built was a world-class, flexible last-mile delivery platform perfectly suited for a variety of use cases.”

The prescription delivery program is expected to launch this year, and move into New Orleans by 2021.

Are you developing a new app, product or process? Did you know your R&D experiments could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes. 

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPA’s.  For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Study Ranks Performance of Each State’s Economy Over The Past Decade

Mississippi

The economy of the United States is the largest in the world by nominal gross domestic product (GDP) and the second-largest by purchasing power parity (PPP). During the past decade, in most of the US states, economy has improved considerably, but that is not to say every state’s economy is equally healthy. Some states are experiencing an economic boom, while others continue to contend with poor GDP growth, low per capita income, unemployment and poverty.

The Ohio Alliance for Innovation in Population Health conducted an analysis of the data collected by the Appalachian Regional Commission (ARC) for 2009 and 2019 and ranked the economic performance of all fifty states in the US. The results determined that the economies of the states such as New Hampshire, followed by North Dakota, turned out to be the healthiest over the past ten years, while the states such as Louisiana and Mississippi were regarded as the most economically distressed states. To be more precise, the most economically distressed states for 2019 were Georgia, Arkansas, South Carolina, Arizona, Kentucky, Alabama, West Virginia, New Mexico, Louisiana, and Mississippi. However, the results of the study should be interpreted with caution.

This is because, though ranked last and being labelled as the poorest state, Mississippi improved its economic distress index score of 153 in 2009 to 141.8 in 2019. The state witnessed an upsurge in nearly all income-related categories. But simultaneously, it also faced widespread weakness across the economy. Sectors shrinking included government, construction, entertainment, arts, agriculture, nondurable goods manufacturing and recreation. The state’s economic conditions weakened as compared to its growth in the past. The economy grew just 0.3% in 2017, compared to 2% growth in 2016. However this is expected to improve in 2018 and 2019.

It can be concluded that economic vitality can help communities remain competitive and adapt to the constantly changing world.

How Does Your State Rank on the Innovation Scale?

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Innovation Is Key

Innovation is crucial to sustainable economic growth, but for innovation to occur businesses must have both the incentive and the capacity to invest.

As innovation is key to the United States’ economy as a whole, many U.S. states are showing off while others are falling short when it comes to patents, R&D, venture capital and academics.

So which states are excelling in innovation and which ones are lacking, you ask?

Patents

The top states in patents per population include:

  1. Wisconsin
  2. Washington
  3. Texas
  4. Utah
  5. California
  6. Massachusetts

The bottom five patented states include:

  1. Alaska
  2. Mississippi
  3. Tennessee
  4. West Virginia
  5. Wyoming

Venture Capital

The top states for venture capital are:

  1. Massachusetts
  2. California
  3. Utah
  4. Washington
  5. Colorado

The lowest are:

  1. Arkansas
  2. Alaska
  3. Hawaii
  4. Wyoming
  5. Iowa
  6. South Dakota

R&D Spending

The leaders in R&D spending are:

  1. Delaware
  2. Michigan
  3. California
  4. Connecticut
  5. Massachusetts

The states that spent the least on R&D include:

  1. Arkansas
  2. Wyoming
  3. Louisiana
  4. Alaska
  5. Mississippi

Academics

As for academics, the top states include:

  1. New Mexico
  2. Maryland
  3. Rhode Island
  4. Massachusetts
  5. Alabama

The lowest academic rankings were for:

  1. Louisiana
  2. Arkansas
  3. Delaware
  4. Wyoming
  5. Nevada

If you are a U.S. based company conducting R&D you may be eligible for the federal and/or state research tax credit. Please contact a Swanson Reed representative to find out further information.

An Unlikely Tech Hub Rising in Northern Louisiana

Research and Development

State agencies and leaders in private industry are working together to turn what locals call the I-20 corridor – Monroe, Shreveport and Ruston –  into a prominent, self-sustaining tech ecosystem for capable professionals and internationally relevant innovation.

One of the first major public-private collaborations started in 2007 with the creation of the National Cyber Research Park and the Cyber Innovation Center in Bossier City, which hugs the Red River across from Shreveport.

The center has tried to deliver more tech employers to the region, including IBM, the Computer Sciences Corporation and CSRA, a tech services provider for government.

At a cybersecurity convention in Louisiana on March 8th, the center’s executive director and president, Craig Spohn, spoke to why the region has been behind, despite the headquarters being in Monroe.

“A single-employer community limits the attraction because people have nowhere to go other than that one organization,” siad Spohn.

Bill Bradley, senior vice president of cyber engineering and technology services at CenturyLink, welcomed the region’s new entrants and the thousands of jobs they have added.

The workers who have filled them are “bringing up children who will stay in the area they grew up in,” he said. “Those things have positive benefits for our state.”

If you are a local company performing research and development activities in Louisiana and are interested in claiming the R&D tax credit on the state or federal level, please contact a Swanson Reed specialist by clicking here.